Crypto Market Analysis: Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) Prices Heading to These Levels Next Week!

This week, the crypto market faced massive headwinds as investors liquidated huge funds due to the ongoing uncertainty caused by the SEC crackdown on crypto. Additionally, crypto companies are exiting Silvergate Bank like it’s going out of style after the bank issued a warning that it might not be able to continue operations. The warning was prompted by the bank’s losses from selling debt at a loss, leaving it undercapitalized. This led to a sharp price drop for Bitcoin and major altcoins like Ethereum and XRP.

The crypto market will continue its turbulence next week

Bitcoin, Ethereum and XRP are trading lower today causing the market to be partially red. However, some other major coins are seeing increases in value. BTC, ETH and XRP prices are expected to drop sharply over the next week.

Bitcoin price analysis

Bitcoin price is now falling near the USD 22,000 price level as it formed a low of USD 21,900. However, the asset quickly touched $22,000 after initiating a small amount of long positions.

On March 3, Bitcoin saw its price drop significantly from $23,435 to $22,259 in just one hour. However, according to Santiment experts, traders reacted 12 hours later when Bitcoin failed to recover.

As of now, Bitcoin is trading at $22.3k with a slight downtrend over the past 24 hours. Looking at the 4-hours price chart, bitcoin price could soon test its support below the 0.61 Fib level. After that, Bitcoin could extend its current bearish rally next week to the EMA-100 trend line at $21,000; However, a bullish comeback is expected if it breaks $23.5k.

Ethereum price analysis

Investors are currently wondering if the current bearish rally on ETH price chart is a sign to join the bulls or if it is building potential for another downside rally in the coming days.

However, Ethereum has yet to see much volatility like Bitcoin as it consolidates in a range bound zone. Ethereum recently broke below its monthly support level of $1,600 and found support near the EMA-200 trendline at $1,550.

As of this writing, ETH price is trading at $1,564. Analyzing the daily chart, Ethereum is preparing for another bottom as it can trade near $1.5k next week if it breaks $1,540.

XRP price analysis

XRP price is currently consolidating near the $0.37 level after falling sharply on Friday. Pending summary verdict, XRP is likely to test the next support levels before confirming a bullish rally.

XRP is currently trading at $0.376 with a 2.5% uptrend from yesterday’s price.

If XRP does not trade above $0.39 in the next 24 hours, it is facing a potential crash and may trade near the monthly support level of $0.33.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers